国际英语新闻:UAE business magnate pledges 1.1 bln dollars for education in Arab world

DUBAI, July 7 (Xinhua) -- The United Arab Emirates business tycoon Abdullah Al-Ghurair said Tuesday that he would pledge 1.14 billion U.S. dollars of his wealth to offer scholarships to young Arabs in the UAE and the Arab world.

Briefing the media at the head office of Dubai-based lender Mashreq Bank which is owned by the Al-Ghurair's family, the billionaire's son Abdulaziz Al-Ghurair said the new Abdullah Al-Ghurair Foundation targets 15,000 outstanding students from underprivileged backgrounds who will be granted scholarships for primary and secondary schools or university.

"This scholarship project for young Emiratis and Arabs from all Arab countries will be one of the largest privately funded philanthropic education initiatives in the Arab world," said Al-Ghurair.

The family's conglomerates consist of Mashreq bank and hospital, food, construction, real estate and educational institutions in the UAE and in the Middle East.

"The fund is devoted to equipping Arab youth with the knowledge and skills they need to fulfill their promise as the future leaders of the region. The selection process which picks students will be fully transparent and communicated to the public," he said.

The project will kick off in the first quarter of 2016 and will run for over 10 years.

It will be divided in three phases. The first phase focuses on Emirati nationals in the UAE, while the second one will include foreign Arab nationals living in the UAE. The third phase will reach out to young Arab students across the Arab world, from Algeria to Iraq.